Malaysia taps ACI for real-time payments
Written by Chris Lemmon
Payments Network Malaysia (PayNet), the country’s financial market infrastructure provider, has signed a deal with ACI Worldwide to build a real-time retail payments (RPP) platform.
The new solution will be built using ACI’s UP Immediate Payments solution, and is designed to modernise the country’s retail payments infrastructure, drive innovation in electronics payments and bring the benefits of immediate payments to all participants in the payments ecosystem – including banks, payment institutions, businesses, consumers and the government.
Tasked with developing Malaysia’s payments ecosystem, PayNet resulted from the merger of Bank Negara Malaysia’s (Central Bank of Malaysia) wholly-owned subsidiary, Malaysian Electronic Clearing Corporation, with Malaysian Electronic Payment System, in August 2017.
By the end of the year, PayNet will have built the core RPP infrastructure, while 2018 will see the launch of Instant Credits, Request-to-Pay for e-commerce and person-to-person Payments with Proxy Address Resolution. This will allow payments to be addressed seamlessly by mobile numbers, National Registration Identity Card numbers, or business registration numbers.
Peter Schiesser, group CEO of PayNet, said: “ACI’s UP Immediate Payments provides the flexibility and agility that PayNet needs to continue innovating and improving the value proposition of electronic payments. Our ability to rapidly bring to market the payment products of the future is essential to keep abreast with the fast pace of change in the e-Payments market.
“Among the innovative new products in our pipeline is instant cross-border payments where sending payments regionally and globally would be as quick and easy as sending a text message. We are in discussions with our counterparts in Thailand and Singapore to bring this exciting new service to life. We look forward to tapping into ACI’s understanding of the global payments market and its wealth of experience in payments to make e-payments fast, frictionless and convenient—meeting demands for immediacy in an online, interconnected world.”
Leslie Choo, vice president and GM of Asia at ACI Worldwide, added: “ACI has a long track record of developing powerful and flexible immediate payments platforms and we are excited to partner with PayNet on its RPP initiative, which will benefit Malaysian consumers, financial institutions and businesses. Moreover, it will also position the country as a leader within the larger regional and global payments marketplace.”